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Serial fiction app Radish acquired by Kakao Entertainment for $440M

Serialized fiction app Radish will be acquired by Kakao Entertainment in a transaction valued at $440 million. Kakao Entertainment is owned by Kakao, the South Korean internet giant whose services include its eponymous messaging platform. Radish founder Seungyoon Lee will hold onto his role as its chief executive officer, while also becoming Kakao Entertainment’s global strategy officer to lead its growth in international markets.
Radish claims millions of users in North America, and the acquisition will help Kakao Entertainment expand its own webtoons and web novel business there, and in other English-speaking markets. Radish will retain management autonomy and continue operating as its own brand.
The news comes as another South Korean internet giant, Naver, completes its acquisition of Wattpad, in a deal that also focuses on intellectual property and geographic expansion.
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